What shows the quantities of products demanded at each price by all consumers in a market?
a) an elasticity and consumption list
b) a schedule of consumer prices
c) a market pricing list
d) a market demand schedule
Ans: d) a market demand schedule
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How can incomes become more unequally distributed within countries and less unequally distributed across countries?
What will be an ideal response?
Which of the following addresses agency costs?
a. spot checks of the quality of employee work b. hiring only from job fairs c. instituting longer work days d. reducing the number of holidays
If a used car dealer purchases a used car for $3,000, makes repairs and refurbishes it, then sells it for $8,000, the
a. dealer contributes value added equal to $5,000, but nothing is added to GDP. b. dealer contributes value added equal to $5,000, and consequently $5,000 is added to GDP. c. dealer contributes nothing to production because only existing goods are involved. d. dealer contributes value added equal to $8,000, but only $5,000 is added to GDP.
Given the current structure of the Social Security and Medicare programs, the retirement of the baby boom generation during the years following 2012 will be most likely to
a. reduce government expenditures on health care and income transfers. b. increase government expenditures on health care and income transfers. c. result in large budget surpluses. d. result in lower tax rates.